Billionaire Warren Buffett says the economy is improving but at a very slow rate and consumers are still not spending much.
Buffett appeared on CNBC Monday morning, two days after releasing his annual letter to Berkshire Hathaway shareholders.
Buffett says the reports he receives from Berkshire's 80 subsidiaries don't show much improvement. And most of Berkshire's businesses are still performing worse than they were two years ago before the height of the crisis.
Berkshire owns clothing, furniture, jewelry and corporate jet firms, but its insurance and utility businesses accounted for one-third of the company's profit last year. It's net income jumped 61 percent in 2009 to $8.1 billion largely because the value of its investments and derivatives rose sharply.
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